Gross margin slipped to 35.6% against 36.8% the year before, primarily due to increased promotional activity in the retail segment.

Chairman and CEO Edward Rosenfeld said: "We were pleased to deliver solid overall financial results in the first quarter in a difficult environment. While a lack of fashion footwear trends and the soft overall retail climate continued to challenge our retail segment, our wholesale business was outstanding."

He added: "Looking ahead, we remain on track to meet our sales and earnings targets for the year."